MUMBAI (Reuters) – Reliance Industries denied involvement in any preparations that result in money funds for oil provides to Venezuelan state oil firm PDVSA by way of third events, and mentioned it isn’t in violation of any U.S. sanctions, in response to an announcement from India’s large oil refining firm on Saturday.

Venezuela’s President Nicolas Maduro is funneling cashflow from Venezuelan oil gross sales by means of Russian state power large Rosneft as he seeks to evade U.S. sanctions designed to oust him from energy, in response to a Reuters story printed on Friday. The story was based mostly on sources and paperwork reviewed by Reuters.

One inside PDVSA doc indicated shipments of Venezuelan oil to Reliance in April could be settled by way of Rosneft. The doc confirmed that PDVSA and Reliance would pay a payment equal to round three % of the sale value, cut up between them.

Reliance mentioned within the assertion that experiences it was concerned in preparations that result in money funds for oil provides to PDVSA by way of third events “are false and reckless.”

It mentioned that since sanctions have been imposed, Reliance has made any such purchases of Venezuelan oil with the complete data and approval of the USA authorities. It mentioned that such transactions don’t result in any consequent cost to PDVSA and don’t violate U.S. sanctions or insurance policies.

Reliance mentioned that the oil is purchased at market costs and funds by Reliance for such provides are settled in money or by-product provide bilaterally between Reliance and the sellers. It’s false to counsel that Reliance could be settling such shipments by way of Rosneft to PDVSA, it added.